Global News Journal

Ordinary Indonesians mourn loss of Finance Minister Indrawati

May 10, 2010

By Sunanda CreaghSri Mulyani Indrawati

The decision by Indonesia’s reformist Finance Minister Sri Mulyani Indrawati to move to the World Bank must have thrilled those politicians who lobbied hard to dethrone her and derail her anti-corruption drive. But if letters to the editor in the local media are any guide, Indonesia’s ‘wong cilik’ or the little people, as the man on the street is called here — are in mourning.
“It was a black Wednesday in the history of our nation,” read one reader’s letter to the Jakarta Post.
“One of the most honest and qualified people and someone who is known as the hope, finally succumbed to political pressure by the political elite that prefer to remain.”
Many letter-writers have begged her to return in 2014 to run for president, while others have expressed fears that, without her, Indonesia will return to the bad old days of cronyism.
“We didn’t want to see you driven out. Take pity on the people of Indonesia!” one reader, Daslam Al Maliki, wrote on the Indonesian-language news website Tempo Interaktif.
Indrawati, as well as being a widely respected economist, is a notoriously tough cookie who stood up to powerful businessmen and politicians who wanted the rules bent in their favour.
In retaliation, she was made the target of an inquiry into the 2008 decision to bail out the ailing Bank Century.

Markets call euro zone’s bluff on Greek aid

April 9, 2010

The surge in the spread of Greek bond yields over German ones since European leaders issued a promise of emergency loans to Greece last month indicates financial markets do not believe the pledge of euro zone support is anything more than a bluff.

Brussels’ MEPs ready to duke it out with bankers

February 4, 2010

Every new year brings resolutions, and the European Parliament is no exception.

Often derided as a multi-lingual talking shop, the institution is feeling newly invigorated by some fresh faces and by the European Union’s Lisbon reform treaty, which came into force late last year and gives the 736-member parliament more say in drafting laws and acting as a check on legislation.

from Global Investing:

Austrian subprime woes turn into political hot potato

July 27, 2009

The Austrian government debt agency’s two-year old foray into subprime investments has turned into a political hot potato and sparked an increasingly heated debate between the Social Democrats and conservatives, caught in an uneasy but coalition government without viable alternative.

Does the West still matter for Africa?

August 1, 2008

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First on Zimbabwe, now on Darfur, Western countries have lost out at the U.N. Security Council to African states backed by China and Russia.